Principal Financial Group Inc. Lowers Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Principal Financial Group Inc. trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 9.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 8,352,702 shares of the semiconductor company’s stock after selling 893,701 shares during the period. Principal Financial Group Inc. owned approximately 1.56% of Microchip Technology worth $670,639,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. WoodTrust Financial Corp lifted its holdings in shares of Microchip Technology by 7.4% during the third quarter. WoodTrust Financial Corp now owns 66,629 shares of the semiconductor company’s stock valued at $5,350,000 after purchasing an additional 4,593 shares during the last quarter. Concurrent Investment Advisors LLC raised its holdings in Microchip Technology by 8.4% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 69,860 shares of the semiconductor company’s stock worth $5,609,000 after acquiring an additional 5,406 shares during the last quarter. Foster & Motley Inc. raised its holdings in Microchip Technology by 5.7% in the 3rd quarter. Foster & Motley Inc. now owns 54,964 shares of the semiconductor company’s stock worth $4,413,000 after acquiring an additional 2,963 shares during the last quarter. Fiduciary Family Office LLC raised its holdings in Microchip Technology by 17.9% in the 3rd quarter. Fiduciary Family Office LLC now owns 10,810 shares of the semiconductor company’s stock worth $868,000 after acquiring an additional 1,641 shares during the last quarter. Finally, Sentry Investment Management LLC purchased a new position in Microchip Technology in the 3rd quarter worth approximately $208,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Trading Down 1.8 %

Shares of Microchip Technology stock opened at $73.75 on Thursday. The company has a market capitalization of $39.57 billion, a P/E ratio of 51.57 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The company has a fifty day moving average of $77.05 and a 200 day moving average of $85.12. Microchip Technology Incorporated has a fifty-two week low of $71.76 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. Microchip Technology’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.54 EPS. On average, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a $0.455 dividend. The ex-dividend date is Friday, November 22nd. This represents a $1.82 annualized dividend and a yield of 2.47%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is presently 126.57%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MCHP. Piper Sandler decreased their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday. Morgan Stanley lowered shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. Evercore ISI restated an “outperform” rating and issued a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a report on Wednesday. KeyCorp decreased their target price on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Needham & Company LLC decreased their target price on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.10% of the company’s stock.

Microchip Technology Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.